Charts for the Day

[praveen taneja]

Dear umesh,

Thanks for the correction. Actually when i posted that chart. I am anticipating 5 point to be completed near to 7690 levels. Thats why i posted
it.

And yes, pattern trading in itself raises doubts atleast to me. As the validity of pattern and backtesting results doesnt give much faith. But when you combined studies you get good results. This is the whole purpose.

Like, yesterday, if one is to count EW, then almost '5' waves got completed from recent low. combined it with that -ve WW pattern near to 7690-7700.
Also my higher timeframe price action resistance zone which i am expecting since start of week is exactly same that is 7690-7700.
So for shorting aggressively that was perfect zone. Mind you i am using word aggressively here, bcoz there is nothing which can tell whether it got completed there.

Its all probability which imposes faith in our ability to take such trades.

Thanks...

Bro on TA I am a big zero but as Dow closes 123+ and our mkt already in bull zone due to Govt actions possibility of 7777 not ruled out or new all time high sorry for jumping in your discussion

 

[anil_s_trivedi]

Bro on TA I am a big zero but as Dow closes 123+ and our mkt already in bull zone due to Govt actions possibility of 7777 not ruled out or new all time high sorry for jumping in your discussion

Dear Praveenji,

Yes. Our market is in bull mode. And closing is above all MA's. Thats why its always good not to carry aggressive position next trading day,even though you are in profit on lower timeframe trading contra signals. Rest daily closing is above SAR since Thursday. So its all uptrend, till 7560 breached on downside.

Infact i never carry position which is opposed to daily SAR levels. Its futile to fight higher timeframe.

I had stopped watching foreign markets, the day i stopped trading intraday, baring only Nifty F&O. I believe/follow our technicals only. Rest all thing are not manageable by me. It ruins time left after market hours. Tracking DOW/CAC/DAX/SGX NIFTY and sweating all night.

If you are zero on TA, then we are on -ve scale....:sos:

 

[anil_s_trivedi]

Nifty For the Coming week:

As shown in chart, Sustaining above 7690-95 will see bears unwinding. And similarly on downside 7550-55 break will see bulls running for cover.

 

[XRAY27]

Anil ji,

"Nifty For the Coming week:

As shown in chart, Sustaining above 7690-95 will see bears unwinding. And similarly on downside 7550-55 break will see bulls running for cover".

Important points you have brought to notice through post 1393 for this

week trading in Nifty..

Thank you very much

 

[anil_s_trivedi]

NTPC is looking like a good stock with low volatility in coming times. Stock witnessed 50x200 and now, its entering into consolidation phase with 200 SMA being flat and 50 SMA being rising mode. Stock looks good near to 145-140 levels with Sl below 140 on closing basis.

On higher timeframe charts a HH is witnessed with good volumes and now stock pegging for a HL. With power sector reforms in sight, this stock will surely coming out of its slumber performance.

Keep an eye on it...

 

[anil_s_trivedi]

Nifty update:

Slogging to take on upside. Momentum on hourly in short and medium term turned down.
Now pressure on bulls side. A short term divergence seen in momentum oscillators and now price will be tested here.

Expect resistance at 7705 intraday. And breaking of 7665-70 zone not good for bulls this time.

If this weakness wants to show its hand on daily chart, first sign will be closing below 7670.

 

[anil_s_trivedi]

Nifty update:

Expected adjusted close coming at 7691.

As daily close coming above 7670 levels, ball still in bulls court. Although -ve divergence on hourly is bit support here to think of downside, but on daily its still above bulls reference level.

So, its wise to hold longs from lower levels if any, and better to cur aggressive short if any created here.

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7670 tomorrow will be first level bulls will defend it. Moving below it will take struggle to cross 7690-95 zone.
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[timepass]

Nifty update:

Expected adjusted close coming at 7691.

As daily close coming above 7670 levels, ball still in bulls court. Although -ve divergence on hourly is bit support here to think of downside, but on daily its still above bulls reference level.

So, its wise to hold longs from lower levels if any, and better to cur aggressive short if any created here.

---------------------
7670 tomorrow will be first level bulls will defend it. Moving below it will take struggle to cross 7690-95 zone.
---------------------

Any comments on BNF ??

 

[anil_s_trivedi]

BankNifty update:

Hourly timeframe showing more prominent -ve divergence and with sustaining below 15480 will prompt more selling. Noticeable thing is on daily it got short & Intermediate trend UP, while Hourly picture deteriorating. So the point now is whether higher timeframe will rule here or its smaller timeframe which is showing changing(here weakening) of price action.

So, for higher timeframe we will monitor, 15480 on upside to see, whether bulls have stamina to hold on this one, else it will ripe for 15000 levels first.

For intraday, tomorrow first weakness will be below 15350 more below 15240 levels.

 

[newtrader09-10]

Between 1:30 and 2:30 did the nifty do a double bottom on the 1-min chart or did i just get lucky?